Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $6,000 to wire electricity to the machine. Onslow paid an additional $1,200 on January 4 to secure the machine for operation. The machine will be used for six years and have a $23,040 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. Problem 8-6A (Algo) Part 3 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $24,500 cash and (b) it is sold for $98,000 cash. View transaction list Journal entry worksheet < 1 2 Record the sale of the used machine for $24,500 cash. Note: Enter debits before credits. < Prev S 3 of 3 > Next >

Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow paid $6,000 to wire electricity to the machine. Onslow paid an additional $1,200 on January 4 to secure the machine for operation. The machine will be used for six years and have a $23,040 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. Problem 8-6A (Algo) Part 3 3. Prepare journal entries to record the machine's disposal under each separate situation: (a) it is sold for $24,500 cash and (b) it is sold for $98,000 cash. View transaction list Journal entry worksheet < 1 2 Record the sale of the used machine for $24,500 cash. Note: Enter debits before credits. < Prev S 3 of 3 > Next >

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Description: Do journal entries 1-2 pleaee and thank you Problem 8-6A (Algo) Disposal of plant assets LO C1,P2[The following information applies to the questions displayed below.]Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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